Novelis Inc has reported net income attributable to its common shareholder of $240 million in the first quarter of fiscal year 2022 compared to a net loss of $79 million in the prior year period.

Current year beverage packaging and specialty product shipments benefited from strong market demand, while automotive shipments are more than double the prior year despite some headwinds from the current semiconductor chip shortage impacting the automotive industry.

Net income from continuing operations increased to $303 million compared to a net loss of $61 million in the prior year, which had been negatively impacted by the Covid-19 pandemic and acquisition-related special items. Excluding special items in both years, first quarter fiscal year 2022 net income from continuing operations of $260 million is up significantly compared to $22 million in the prior year.

“Our strategy to grow a diverse portfolio of sustainable aluminium products utilising our leading geographic footprint to meet strong demand has again delivered outstanding results in the quarter,” said Steve Fisher, President and CEO, Novelis Inc. “With new automotive capacity in the US and China now ramping up and the financial fortitude to continue to invest in growth opportunities aligned with our long-term carbon neutrality goals, we will further expand our leading position in delivering low-carbon, sustainable aluminium solutions across premium end markets worldwide.”